Ivanhoe Mines (OTCMKTS:IVPAF) Shares Gap Up – Time to Buy?

Ivanhoe Mines Ltd. (OTCMKTS:IVPAF) shares gapped up prior to trading on Wednesday . The stock had previously closed at $8.53, but opened at $9.68. Ivanhoe Mines shares last traded at $9.90, with a volume of 29,412 shares changing hands.

Wall Street Analyst Weigh In

IVPAF has been the topic of a number of recent research reports. Morgan Stanley upgraded shares of Ivanhoe Mines from a “negative” rating to an “overweight” rating in a research note on Wednesday, July 8th. Scotiabank reiterated a “sector perform” rating on shares of Ivanhoe Mines in a report on Wednesday. Canaccord Genuity Group raised shares of Ivanhoe Mines from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 20th. Finally, Jefferies Financial Group restated a “hold” rating on shares of Ivanhoe Mines in a report on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $15.20.

Ivanhoe Mines Price Performance

The company’s 50 day moving average is $8.06 and its 200 day moving average is $8.47. The company has a current ratio of 2.16, a quick ratio of 1.89 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $13.17 billion, a price-to-earnings ratio of 102.56 and a beta of 1.03.

Ivanhoe Mines (OTCMKTS:IVPAF) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.03). The company had revenue of $152.61 million during the quarter, compared to analyst estimates of $202.11 million. Ivanhoe Mines had a net margin of 23.47% and a return on equity of 5.07%. Research analysts anticipate that Ivanhoe Mines Ltd. will post 0.3 EPS for the current fiscal year.

Ivanhoe Mines Company Profile

Ivanhoe Mines Ltd. is a Canadian mining company focused on the exploration, development and operation of mineral resources in Africa. Its primary commodities include copper, zinc, platinum-group metals, nickel, copper and gold.

The company’s flagship Kamoa-Kakula Copper Complex in the Democratic Republic of the Congo is being developed as a large-scale, high-grade copper operation. Ivanhoe Mines also operates the Kipushi zinc-copper-germanium mine in the Democratic Republic of the Congo and is developing the Platreef project, a platinum-group metals, nickel, copper and gold discovery in South Africa’s Limpopo province.

Ivanhoe Mines was founded by mining entrepreneur Robert Friedland, who serves as executive co-chairman.